U.S. to sell 18 million bbls of oil from reserve on Dec 17

Economy

11-12-2021, 10:16

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INA-sources

The US Department of Energy said on Friday it will sell 18 million barrels of crude from the strategic oil reserve on December 17, as part of a previously announced plan to cool oil prices.
The administration of President Joe Biden announced last month that it would release some 50 million barrels of its reserves along with other countries to combat the rising cost of fuel.
Oil prices rose to seven-year highs in November, more than $ 86 a barrel, due to growing demand for fuel around the world.
The 18 million barrels to be sold had already been approved by Congress in 2018. The remaining barrels will be available in the coming months.

Source: Reuters